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Japan Oil Refiners JX Holdings and TonenGeneral continue path towards business integration
ENEOS gas station in Tokyo, Japan on December 4, 2015. Japan's largest oil refiner and wholesaler JX Holdings Inc., which operates ENEOS gas stations, is continuing talks to finalize the acquisition of competitor TonenGeneral Sekiyu by the end of this year. The companies have combined sales of 14 trillion yen ($113 billion) and plan a share swap in the latest move towards consolidating their businesses by 2017. JX Holdings operates 14,000 ENEOS gas stations and TonenGeneral operates Esso, Mobil and General brand gas stations. Together they represent around 40% of all stations in Japan. (Photo by Rodrigo Reyes Marin/AFLO)